Quarterly report pursuant to Section 13 or 15(d)

Revenue from Contracts with Customers

v3.19.3
Revenue from Contracts with Customers
9 Months Ended
Sep. 30, 2019
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
3. Revenue from Contracts with Customers:
Disaggregated Revenue
The Company’s primary means of disaggregating revenues is by reportable segments, which can be found in Note 18 to these condensed consolidated financial statements.
The Company’s portfolio of products are integrated into a variety of end uses, which are described in the table below.
Key End Uses
Key Products
Industrial & process chemicals
• Silicate precursors for the tire industry
 
• Glass beads, or microspheres, for metal finishing end uses
Fuels & emission control
• Refinery catalysts
 
• Emission control catalysts
 
• Catalyst recycling services
 
• Silicate for catalyst manufacturing
Packaging & engineered plastics
• Catalysts for high-density polyethlene and chemicals syntheses
 
• Antiblocks for film packaging
 
• Solid and hollow microspheres for composite plastics
 
• Sulfur derivatives for nylon production
Highway safety & construction
• Reflective markings for roadways and airports
 
• Silica gels for surface coatings
Consumer products
• Silica gels for edible oil and beer clarification
 
• Precipitated silicas, silicates and zeolites for the dentifrice and
 
  dishwasher and laundry detergent applications
Natural resources
• Silicates for drilling muds
 
• Hollow glass beads, or microspheres, for oil well cements
 
• Silicates and alum for water treatment mining
 
• Bleaching aids for paper
 
 
The following tables disaggregate the Company’s sales, by segment and end use, for the three and nine months ended September 30, 2019 and 2018:
 
Three months ended September 30, 2019
 
Refining
Services
 
Catalysts
 
Performance Materials
 
Performance Chemicals
 
Total
Industrial & process chemicals
$
20,180

 
$
47

 
$
12,225

 
$
54,696

 
$
87,148

Fuels & emission control (1)
70,048

 

 

 

 
70,048

Packaging & engineered plastics
12,197

 
25,565

 
16,886

 
12,048

 
66,696

Highway safety & construction (1)

 

 
82,502

 
20,800

 
103,302

Consumer products

 

 

 
64,849

 
64,849

Natural resources
15,910

 

 
3,521

 
15,556

 
34,987

Total segment sales
118,335

 
25,612

 
115,134

 
167,949

 
427,030

Eliminations
(813
)
 
(47
)
 
(18
)
 
(2,351
)
 
(3,229
)
Total
$
117,522

 
$
25,565

 
$
115,116

 
$
165,598

 
$
423,801

 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30, 2019
 
Refining
Services
 
Catalysts
 
Performance Materials
 
Performance Chemicals
 
Total
Industrial & process chemicals
$
60,485

 
$
109

 
$
38,037

 
$
175,009

 
$
273,640

Fuels & emission control (1)
191,243

 

 

 

 
191,243

Packaging & engineered plastics
38,953

 
62,226

 
51,863

 
41,121

 
194,163

Highway safety & construction (1)

 

 
195,119

 
65,036

 
260,155

Consumer products

 

 

 
198,798

 
198,798

Natural resources
50,788

 

 
10,076

 
46,275

 
107,139

Total segment sales
341,469

 
62,335

 
295,095

 
526,239

 
1,225,138

Eliminations
(2,595
)
 
(109
)
 
(170
)
 
(7,567
)
 
(10,441
)
Total
$
338,874

 
$
62,226

 
$
294,925

 
$
518,672

 
$
1,214,697

 
 
Three months ended September 30, 2018
 
 
Refining
Services
 
Catalysts
 
Performance Materials
 
Performance Chemicals
 
Total
Industrial & process chemicals
 
$
21,027

 
$

 
$
11,263

 
$
55,589

 
$
87,879

Fuels & emission control (1)
 
66,095

 

 

 

 
66,095

Packaging & engineered plastics
 
16,636

 
16,347

 
17,763

 
14,086

 
64,832

Highway safety & construction (1)
 

 

 
82,738

 
22,466

 
105,204

Consumer products
 

 

 

 
67,138

 
67,138

Natural resources
 
19,611

 

 
3,616

 
15,443

 
38,670

Total segment sales
 
123,369

 
16,347

 
115,380

 
174,722

 
429,818

Eliminations
 
(833
)
 

 
119

 
(1,901
)
 
(2,615
)
Total
 
$
122,536

 
$
16,347

 
$
115,499

 
$
172,821

 
$
427,203

 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30, 2018
 
 
Refining
Services
 
Catalysts
 
Performance Materials
 
Performance Chemicals
 
Total
Industrial & process chemicals
 
$
55,347

 
$
54

 
$
38,070

 
$
186,886

 
$
280,357

Fuels & emission control (1)
 
182,304

 

 

 

 
182,304

Packaging & engineered plastics
 
45,032

 
50,113

 
57,247

 
40,375

 
192,767

Highway safety & construction (1)
 

 

 
198,165

 
64,930

 
263,095

Consumer products
 

 

 

 
209,256

 
209,256

Natural resources
 
53,471

 

 
11,178

 
46,999

 
111,648

Total segment sales
 
336,154

 
50,167

 
304,660

 
548,446

 
1,239,427

Eliminations
 
(2,456
)
 
(54
)
 
(214
)
 
(8,590
)
 
(11,314
)
Total
 
$
333,698

 
$
50,113

 
$
304,446

 
$
539,856

 
$
1,228,113

 
(1)
As described in Note 1, the Company experiences seasonal sales fluctuations to customers in the fuels & emission control and highway safety & construction end uses.
Contract Assets and Liabilities
A contract asset is a right to consideration in exchange for goods that the Company has transferred to a customer when that right is conditional on something other than the passage of time. A contract liability exists when the Company receives consideration in advance of performance obligations. The Company has not recorded any contract assets on its condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018, and no contract liabilities existed as of December 31, 2018.
The Company recognized a $9,000 contract liability associated with the sale of a portion of its sulfate salts product line, of which $7,965 of deferred revenue remained as of September 30, 2019. The Company recognized revenue of $1,035 related to this contract liability during the three and nine months ended September 30, 2019. Refer to Note 6 of these condensed consolidated financial statements for additional information related to the sale of the product line.